19:30:41 WOULD BE -- AND THIS IS A REALLY GREAT VISUAL. I'M GOING 19:30:44 TO BE REALLY KIND OF PUSHED THROUGH SOME OF 19:30:47 THIS. THIS ONE IS HIGHLIGHTING THE ADDITIONAL BENEFITS OR 19:30:51 OTHER BENEFITS THAT 529 PLANS OFFER. 19:30:54 SO IN ADDITION, WE'RE STARTING AT THE TOP, WHERE OUR PICTURE OF THE WORLD 19:30:57 IS. WE'RE GOING TO MOVE AROUND THE 19:31:01 CIRCLE TO THE RIGHT. IN ADDITION TO WHERE YOUR KIDS 19:31:04 USE THEIR MONEY, REMEMBER PUBLIC, PRIVATE, COMMUNITY AND 19:31:08 VOCATIONAL SCHOOLS AND APPRENTICESHIP PROGRAMS AND WHAT 19:31:11 THEY CAN USE IT FOR. 529 PLANS ARE 19:31:14 A REALLY GREAT WAY FOR FAMILY AND FRIENDS TO BE 19:31:18 GIFTING TO YOUR CHILDREN OR TO THEIR OWN 19:31:21 GRANDCHILDREN, ESPECIALLY THIS TIME OF YEAR. IT MAKES A 19:31:24 REALLY GREAT GIFT. 529 PLAN CONTRIBUTIONS 19:31:28 ARE CONSIDERED COMPLETED GIFTS TO THE BENEFICIARY. THERE 19:31:31 MIGHT BE -- IT MAY BE 19:31:35 SUBJECTED TO SOME FEDERAL GIFT TAX, BUT IN REALITY, THE FIRST 15,000 19:31:38 -- THIS IS GOING TO BE A LOT OF INFORMATION HERE, BUT 19:31:41 $15,000 OF GIFT MONEY THAT GOES TO A BENEFICIARY, AND THIS 19:31:46 IS FOR 2020, THE 19:31:49 IRS COULD CHANGE THOSE FROM YEAR TO YEAR, IS 19:31:52 EXCLUDED FROM GIFT TAXATION. IT IS UNDER A SPECIAL RULE 19:31:56 FOR 529 PLANS, AND YOU CAN 19:31:59 ELECT TO TREAT THE CONTRIBUTION UP TO 19:32:02 75,000 AS IF YOU HAD APPLIED FOR THAT OVER A FIVE-YEAR 19:32:05 PERIOD OF TIME. SO YOU CAN CONTRIBUTE TO IT ALL AT ONE 19:32:09 TIME. USUALLY THAT HAPPENS WHEN GRANDPARENTS CONTRIBUTE A LARGE SUM OF 19:32:12 MONEY ALL AT ONE TIME. AND THEN THEY ARE 19:32:15 EXEMPT FROM THE GIFT TAX AND 19:32:18 CAN CLAIM THAT OVER A FIVE-YEAR PERIOD OF TIME. 19:32:21 THERE'S SOME GOOD REASONS WHY GRANDPARENTS 19:32:25 MAY BE WANTING TO DO THAT AS WELL; RIGHT? I WANT TO MAKE SURE THAT 19:32:28 I POINT OUT TOO, WA 529 THE STAFF INCLUDING ME WE DON'T 19:32:31 PROVIDE TAX ADVICE SO YOU WANT TO MAKE SURE YOU CONSULT 19:32:34 WITH A TAX ADVISOR FOR MORE INFORMATION ABOUT TAX INFORMATION. SO 19:32:38 NOW WE'RE CONTINUING AROUND WITH SOME ADDITIONAL BENEFITS. 19:32:41 YOUR KIDS HAVE TIME TO CONSIDER THEIR PLANS TOO. 19:32:44 JUST BECAUSE YOU'VE OPENED UP THIS ACCOUNT, THEY'VE 19:32:47 GRADUATED FROM HIGH SCHOOL, AND THEY ARE THINKING ABOUT WHAT THEY WANT TO 19:32:50 DO, TAKE YOUR TIME. DON'T FEEL LIKE YOU HAVE TO 19:32:53 IMMEDIATELY DRAW THE MONEY OUT OF THE ACCOUNT. YOU KNOW, YOU 19:32:57 REALLY WANT TO THINK ABOUT -- TALK ABOUT WITH YOUR KIDS WHEN 19:33:00 THEY'RE OLDER LIKE WHAT THEIR INTERESTS ARE SO THAT YOU'RE REALLY APPLYING 19:33:03 THAT MONEY TOWARDS AN EDUCATION THAT THEY'RE 19:33:06 REALLY INTERESTED IN. OUR GEARS ARE GOING TO REPRESENT 19:33:10 THE FLEXIBILITY, THE ACCOUNT OWNER MAINTAINS CONTROL 19:33:13 OF THE ACCOUNT, SO THEY CAN TRANSFER IT TO ANOTHER 19:33:17 BENEFICIARY. THEY CAN EVEN CHANGE THE BENEFICIARY 19:33:20 ON THE ACCOUNT. AN EXAMPLE I WANT TO 19:33:23 GIVE YOU IS MARION MENTIONED 19:33:26 OR PATRICIA MENTIONED WHEN SHE INTRODUCED ME THAT I'M A PARENT. MY 19:33:29 BOYS ARE GROWN UPS NOW. THEY HAVE KIDS. SO I HAVE THESE 19:33:32 GRANDCHILDREN NOW, AND WHEN MY BOYS STILL 19:33:35 HAD MONEY LEFT IN THEIR GET ACCOUNTS, I TRANSFERRED IT DOWN 19:33:38 TO MY GRANDCHILDREN AND GAVE THEM A LITTLE BIT OF A 19:33:41 HEAD START BECAUSE MY BOYS DIDN'T USE UP 19:33:45 ALL THE MONEY THAT HAD BEEN SITTING IN THEIR ACCOUNT. THERE'S SOME FLEXIBILITY 19:33:48 THERE, RIGHT, IN HOW THE ACCOUNT OWNER 19:33:53 CHOOSING TO TRANSFER. OUR GAVEL REPRESENTS THAT THE ASSETS ARE 19:33:57 PROTECTED FROM BANKRUPTCY. OUR ARROW IS REPRESENTING WHAT 19:34:00 I'M GOING -- I'M DEMONSTRATING IS 19:34:05 WHAT'S CALLED A DIRECT VERSUS 19:34:08 ADVISOR TYPE OF PLAN. DIRECT ARE TYPICALLY LOWER COST 19:34:11 BECAUSE YOU CAN OPEN ACCOUNTS DIRECTLY FROM THE 19:34:14 PLAN; RIGHT? BUT IF YOU PREFER TO WORK WITH A PROFESSIONAL FINANCIAL 19:34:18 ADVISOR, YOU MIGHT CONSIDER AN ADVISOR 19:34:21 SOLD PLAN. THE TWO PLANS THAT WASHINGTON HAS THE GET PROGRAM AND 19:34:24 DREAM AHEAD ARE DIRECT SOLD PLANS, SO YOU CAN OPEN THEM 19:34:27 DIRECTLY. YOU JUST GET THEM OPENED ON-LINE. WE WILL TALK ABOUT THAT IN 19:34:30 A FEW MINUTES. BUT WE DO ALWAYS ENCOURAGE PEOPLE TO 19:34:34 TALK TO A FINANCIAL PROFESSIONAL FOR 19:34:37 INVESTMENT ADVICE BECAUSE THEY ARE GOING TO BE ABLE TO LOOK AT YOUR WHOLE PICTURE 19:34:40 AND HELP YOU MAKE SOME DECISIONS THAT FIT 19:34:43 YOUR GOALS AND THE CHOICES THAT YOU'RE 19:34:46 MAKING. THE ACCOUNT OWNER AGAIN RETAINS 19:34:50 CONTROL NO MATTER HOW OLD THAT BENEFICIARY IS. THE ACCOUNT 19:34:53 OWNER CAN BE CHANGED AT ANY 19:34:56 TIME. RIGHT? MOST PLANS OFFER REALLY LOW 19:34:59 MINIMUMS, SO IT IS REALLY ATTRACTIVE FOR PEOPLE AND 19:35:02 WE REALLY WANT TO ENCOURAGE PEOPLE TO START SAVING WHERE THEY'RE 19:35:05 AT. YOU KNOW, IT'S THE SAME CONCEPT WHEN YOU'RE SAVING 19:35:08 FOR YOUR RETIREMENT, YOU START WITH WHAT YOU CAN SAVE IN THE 19:35:11 MOMENT, AND THEN YOU PLAN ON HOW YOU BUILD 19:35:15 INTO THAT OR GROW THAT AND BUILD THAT UP. AND THAT'S WHERE GIFTING FROM 19:35:18 GRANDMA AND GRANDPA AND FAMILY MEMBERS COMES IN REALLY HANDY TOO. 19:35:21 THE GOAL IS REALLY HELPING YOU SAVE AND DO THAT IN A WAY THAT 19:35:25 WORKS BEST FOR YOU. CONTRIBUTIONS CAN BE MADE 19:35:29 CONVENIENTLY THROUGH BILL PAY, PAYROLL DEDUCTION, IF YOUR EMPLOYER 19:35:32 IS DOING THAT FOR YOU, THAT'S SOMETHING WE CAN TALK ABOUT, IF YOU HAVE 19:35:35 AN EMPLOYER THAT YOU'D LIKE TO TALK TO 19:35:38 OR SHARE THIS INFORMATION WITH, AND EVEN AUTOMATIC TRANSFERS 19:35:41 FROM BANK ACCOUNTS, AND WE STILL HAVE A LOT OF FAMILIES, 19:35:44 ESPECIALLY GRANDPARENTS WHO STILL LIKE TO WRITE A CHECK AND MAIL 19:35:47 IT IN, AND THAT'S OKAY; RIGHT? 19:35:51 WE WILL TAKE IT ANY WAY WE CAN. THERE ARE NO 19:35:54 ACTUAL ANNUAL MINIMUMS OR MAXIMUMS, BUT YOU DO WANT TO CHECK 19:35:57 WITH THE PLAN THAT YOU HAVE TO BE SURE OF THE 19:36:01 OVERALL MAXIMUM CONTRIBUTIONS. AND THAT WILL VARY 19:36:04 FROM PROGRAM TO PROGRAM. AND THEN OF COURSE WE'RE GOING TO END 19:36:08 WITH OUR SHOOTING STAR, AND THAT IS 19:36:11 TO EMPHASIZE THAT SAVING IN A 529 19:36:15 PLAN IS ACTUALLY HAS THE MOST FAVORABLE TREATMENT WHEN IT 19:36:18 COMES TO FINANCIAL AID ELIGIBILITY. THAT'S ANOTHER 19:36:21 MISCONCEPTION THAT PEOPLE HAVE HAD IS 19:36:24 THAT IF THEY SAVE MONEY OR THEY SAVE MONEY IN A 19:36:27 529 PLAN, THEN THEIR KIDS WON'T BE ELIGIBLE FOR FINANCIAL 19:36:30 AID. AND ACTUALLY THAT -- 19:36:34 IT'S NOT ABOUT WHETHER THEY WILL RECEIVE FINANCIAL AID. A LOT 19:36:37 OF TIMES IT IS REALLY ABOUT WHETHER THEY'RE RECEIVING 19:36:40 GRANTS OR WHETHER THEY'RE RECEIVING LOANS, 19:36:43 RIGHT? SO MONEY SAVED OFFSETS LOAN AMOUNTS, AND THIS 19:36:47 GOES ALL THE WAY BACK TO WHAT YOU GUYS MENTIONED IN 19:36:50 ONE OF THE POLLS IS BEING REALLY IMPORTANT 19:36:53 TO YOU, WHICH WAS WANTING TO PAY ATTENTION TO, YOU 19:36:56 KNOW, HOW 19:36:59 TUITION IS -- THE OVERALL STUDENT LOAN DEBT, NOT WANTING YOUR KIDS TO BE 19:37:02 OVERBURDENED WITH STUDENT LOAN DEBT. LET'S TAKE IT TO THE NEXT 19:37:06 SLIDE. I'M GOING TO SPEND A -- >> 19:37:09 JACKIE, THERE WERE SOME QUESTIONS. PATRICIA, DO YOU WANT 19:37:12 TO PULL THEM NOW 19:37:15 OR LATER? >> WE CAN PULL THEM NOW. 19:37:19 I CAN ASK JUST ONE SINCE IT'S RATHER SPECIFIC. 19:37:23 >> OKAY. >> CARA IS CURIOUS IF YOU COULD 19:37:26 ADDRESS ONE QUESTION FOR HER. SHE SAYS I'VE HEARD THAT IT IS BETTER TO 19:37:29 OPEN AN ACCOUNT IN ANOTHER STATE BESIDES WASHINGTON THAT HAS BETTER 19:37:32 RETURNS. COULD YOU ADDRESS THAT AND WHY WE WOULD 19:37:35 WANT TO CHOOSE A WASHINGTON ACCOUNT INSTEAD? >> WELL, YOU 19:37:38 KNOW, IT WOULD BE INTERESTING 19:37:42 TO KNOW LIKE WHERE THAT CAME FROM, RIGHT? BECAUSE REMEMBER 19:37:45 BACKING UP TO THE TYPES OF PLANS, EACH STATE HAS 19:37:48 EITHER A SAVINGS OR A PREPAID, RIGHT? NOW, WHEN WE'RE 19:37:51 JUST TALKING ABOUT THE SAVINGS TYPES OF 19:37:55 529 PLANS, THERE MAY BE DIFFERENT FEES 19:37:58 THAT -- AND THAT'S PRETTY COMMON WITH THE SAVINGS 19:38:01 PLANS. THERE'S GOING TO BE INVESTMENT FEES AND MAINTENANCE 19:38:06 FEES FOR HAVING THE ACCOUNT, WITH DREAM AHEAD, 19:38:08 THERE'S A $35 MAINTENANCE FEE, AND THEN THERE'S A SMALL 19:38:12 PERCENTAGE OF INVESTMENT FEES. THAT'S VERY COMMON. YOU ARE NEVER GOING TO GET 19:38:15 AWAY FROM THEM. SO SOME PEOPLE MIGHT -- IT'S A 19:38:18 GOOD IDEA TO LOOK AT WHAT ARE THE OTHER STATE 19:38:21 -- WHAT OTHER STATES HAVE PLANS AND WHAT ARE THEIR FEE 19:38:25 STRUCTURES? NOW, IT'S NOT ABOUT -- IT'S THE BEST IDEA TO 19:38:28 GO GET ONE FROM ANOTHER STATE. 19:38:34 WHAT'S A GOOD IDEA 19:38:38 -- [INAUDIBLE] -- AND TO ALWAYS MAKE SURE THAT YOU ARE MATCHING THAT TO YOUR 19:38:41 GOALS TOO BECAUSE YOU CAN HAVE MULTIPLE 529 PLANS. I'M 19:38:44 GETTING A MESSAGE THAT MY INTERNET CONNECTION IS UNSTABLE. 19:38:48 I SURE HOPE THAT DOESN'T KICK ME 19:38:51 OUT OF HERE. SO BEAR WITH US IF WE 19:38:54 DO -- IF I LOSE YOU, I WILL JUMP BACK ON AGAIN. 19:38:58 SO TO ANSWER THE QUESTION AGAIN, I WOULD SAY DO A 19:39:01 LITTLE RESEARCH. THIS IS A GREAT PLACE TO START. TALK WITH A 19:39:05 FINANCIAL ADVISOR. YOU KNOW, HAVE THEM LOOK AT WHAT IT IS THAT 19:39:08 YOU'RE LOOKING AT. FEES 19:39:11 ARE GOING TO BE SOMETHING THAT YOU PAY ATTENTION TO. THE DREAM AHEAD 19:39:14 PLAN ACTUALLY WAS JUST RECOGNIZED AS 19:39:18 BEING ONE OF THE TOP 529 PLANS 19:39:22 NATIONWIDE. WE WERE -- I'M SAYING IT ALL 19:39:25 BADLY RIGHT NOW, BUT WE WERE AWARDED A BRONZE LEVEL, AND 19:39:29 THAT'S REALLY GOOD FOR A PROGRAM JUST BEING OPEN FOR LESS THAN THREE 19:39:32 YEARS. LOOK AT THE DIFFERENT KINDS OF FEE STRUCTURES, 19:39:35 AND I WOULD SUGGEST THAT THEY'RE PROBABLY PRETTY COMPETITIVE. I 19:39:39 HOPE THAT HELPED. ARE WE READY TO TAKE IT TO THE 19:39:42 NEXT -- TO THIS SLIDE? OKAY. AND I WILL REMEMBER I 19:39:45 WAS SUPPOSED TO TAKE PAUSES IN THERE. I APOLOGIZE FOR 19:39:49 THAT. SO I WANT TO DO A QUICK LITTLE OVERVIEW 19:39:52 OF GET AND DREAM AHEAD BECAUSE THAT WAS SOMETHING THAT WAS 19:39:55 IMPORTANT TO YOU ALL AS WELL, WAS TO UNDERSTAND THE 19:39:58 DIFFERENCE BETWEEN THE TWO. NOW, AGAIN, GET IS 19:40:01 WHAT'S CALLED THE PREPAID PLAN. DREAM AHEAD 19:40:04 IS OUR COLLEGE SAVINGS PLAN, WHICH IS AN 19:40:07 INVESTMENT-BASED PLAN. NOW, TYPICALLY WITH PREPAIDS, 19:40:11 THERE WILL BE A RESIDENCY REQUIREMENT, WHICH SIMPLY MEANS 19:40:14 EITHER THE OWNER OR THE 19:40:18 BENEFICIARY LIVES IN WASHINGTON, WHEN THE GET ACCOUNT 19:40:22 IS BEING OPENED. CAN CERTAINLY MOVE ANY TIME AFTER THAT. 19:40:25 THERE'S AN ENROLLMENT PERIOD WITH PREPAID 19:40:27 PLANS. THE GET PROGRAMS IS NOVEMBER THROUGH MAY. 19:40:30 YOU WILL SEE ON THE DREAM AHEAD SIDE, AND THIS IS TYPICAL OF THE 19:40:34 COLLEGE SAVINGS TYPE OF PLANS, TRADITIONAL INVESTMENT 19:40:37 PLANS, IS THAT THERE ARE NO ENROLLMENT 19:40:41 PERIODS AND NO RESIDENCY REQUIREMENTS. THOSE ARE INDICATORS OF THE 19:40:44 TYPE OF 529 PLANS. THEY ARE NOT THINGS THAT MAKE ONE PLAN BETTER 19:40:48 THAN THE OTHER. AND THERE ARE ACTUALLY ONLY ABOUT 10 STATES 19:40:51 THAT HAVE ACTIVE ENROLLMENT PREPAID TUITION 19:40:54 PLANS, AND YOU CAN HAVE BOTH. IN FACT, IT IS A REALLY GOOD WAY 19:40:57 TO HAVE DIVERSIFYING THE WAY THAT YOU'RE 19:41:01 SAVING BECAUSE WHAT'S UNIQUE ABOUT THE GET 19:41:04 PROGRAM CONTINUES TO BE THE GUARANTEE. 19:41:07 SO WHEN THE STATE LEGISLATURE CREATED THE GET 19:41:11 PROGRAM, THEY WROTE IN TO LAW THAT THE 19:41:14 VALUE OF THE GET 19:41:19 ACCOUNT WILL KEEP UP WITH 19:41:22 THE TUITION GROWTH. TUITION GROWTH IS PRETTY 19:41:25 TYPICAL. SOMETIMES IT MAY BE SLOW GROWTH. THERE HAVE BEEN TIMES IT'S BEEN 19:41:28 HUGE GROWTH. I THINK ZOE YOU AND I WERE TALKING ABOUT THE PERIOD OF TIME 19:41:31 WHEN THERE WERE 20% TUITION INCREASES 19:41:35 IN THE STATE OF WASHINGTON AT THE UW AND WSU. THE GET 19:41:38 PROGRAM, THE VALUE OF THE ACCOUNT IS KEEPING PACE WITH 19:41:42 THE TUITION GROWTH, EVEN THOUGH YOU CAN USE THAT MONEY WHEREVER YOUR 19:41:45 STUDENT CHOOSES TO GO. YOU DRAW THE MONEY OUT, AND YOU CAN APPLY 19:41:48 IT TOWARDS EXPENSES WHEREVER THEY'RE GOING. 19:41:52 NOW, YOU WILL NOTICE ON THE DREAM AHEAD SIDE, THE 19:41:55 VALUE OF THE ACCOUNT IS KEEPING PACE WITH THE INVESTMENT 19:41:58 PERFORMANCE, SO THAT'S A LOT LIKE YOUR RETIREMENT ACCOUNTS, 19:42:01 RIGHT? YOU PUT MONEY IN. RATE OF RETURNS 19:42:04 FLUCTUATE. KEEPING IN MIND THERE ARE 19:42:08 TIMES WHEN TUITION MAY BE GREATER GROWTH THAN INVESTMENT RETURNS, 19:42:11 AND OTHER TIMES THAT INVESTMENT RETURNS MIGHT BE GREATER 19:42:14 THAN TUITION GROWTH. SO JUST TOSSING EGGS IN ONE 19:42:18 BASKET AND SAYING THIS IS THE ONLY THING TO 19:42:21 DO ISN'T A GOOD WAY TO DIVERSIFY. 19:42:24 WE ALWAYS ENCOURAGE PEOPLE TO DO A LITTLE BIT -- A COUPLE OF DIFFERENT 19:42:27 THINGS BECAUSE THEN YOU'RE TAKING ADVANTAGE OF DIFFERENT OUTCOMES 19:42:30 AT DIFFERENT TIMES; RIGHT? THERE'S NO RIGHT OR 19:42:33 WRONG WAY TO DO IT. IT IS REALLY GOOD TO DO A COUPLE OF DIFFERENT 19:42:36 THINGS. THAT'S WHAT UNIQUE ABOUT GET. IT WILL CONTINUE TO 19:42:39 HAVE THAT GUARANTEE. NOW, THE PROGRAM WORKS ON WHAT 19:42:43 WE CALL A UNIT SYSTEM. THIS IS ANOTHER THING THAT'S COMMONLY 19:42:48 CONFUSING TO PEOPLE. THE UNITS ARE NOT THE SAME AS LIKE 19:42:51 A CREDIT HOUR THAT A STUDENT EARNS ACADEMICALLY WHEN 19:42:54 THEY'RE IN SCHOOL. FOR US THE 19:42:57 UNIT REALLY IS JUST A FORM OF 19:43:00 MEASUREMENT. 100 UNITS REPRESENTS ONE YEAR. IT ALSO MEANS 19:43:03 THAT 100 UNITS WILL BE WORTH 19:43:07 ONE YEAR OF TUITION, WHEN YOUR STUDENT IS READY TO 19:43:10 DRAW THE MONEY OUT AND YOU'RE READY TO USE THAT MONEY. NOW, WHEN 19:43:13 YOU OPEN UP A GET ACCOUNT, YOU CAN CHOOSE BETWEEN WHAT'S 19:43:16 CALLED THE LUMP SUM PLAN OR 19:43:20 CUSTOM MONTHLY PLAN. LUMP SUM IS WHAT WE REFER TO AS A PAY AS 19:43:23 YOU GO. YOU HAVE NO EXPECTATION OR REQUIREMENT 19:43:27 TO DO ANYTHING SPECIFIC. YOU SIMPLY MAKE 19:43:30 DEPOSITS OR CONTRIBUTIONS INTO THE ACCOUNT WHEN YOU CAN. WE 19:43:33 ENCOURAGE PEOPLE TO DEVELOP AND TO DETERMINE A 19:43:38 GOAL AND TO TRY TO AUTOMATE THAT CONTRIBUTION LIKE SETTING 19:43:41 IT UP ON AN AUTO PAY, OUT OF YOUR BANK ACCOUNT OR A 19:43:44 PAYROLL DEDUCTION SO THAT YOU'RE ALWAYS MAKING THIS CONTRIBUTION, 19:43:48 AND THEN LOOK AT IT ONCE A YEAR AND THINK ABOUT 19:43:52 CAN WE INCREASE THAT? DO WE NEED TO TAKE PAUSES? 19:43:55 GRANDMA AND GRANDPA CAN ALSO CONTRIBUTE 19:43:59 MONTHLY. THEY CAN CONTRIBUTE BIRTHDAYS AND HOLIDAYS OR MILESTONE 19:44:02 YEARS. THERE'S NO RIGHT OR WRONG IN HOW YOU'RE DOING 19:44:05 THAT. BUT LUMP SUM REALLY THE ADVANTAGE TO THAT IS THE FLEXIBILITY 19:44:08 TO DO WHAT YOU WANT WHEN YOU WANT. 19:44:12 NOW, WE ALSO HAVE WHAT'S CALLED THE CUSTOM MONTHLY PLAN WHICH 19:44:15 IS A VERY STRUCTURED MONTHLY PAYMENT, SO YOU WILL -- YOU'RE 19:44:18 SELECTING NUMBER OF UNITS TO BUY AND 19:44:21 A PERIOD OF TIME THAT YOU'RE GOING TO PAY A MONTHLY PAYMENT, MAKE A 19:44:25 MONTHLY PAYMENT TO PAY THAT CONTRACT FOR THAT. NOW OFTEN 19:44:28 TIMES WE WILL HAVE PEOPLE START WITH ONE AND 19:44:32 TRANSITION TO ANOTHER OR DO BOTH 19:44:35 SIMULTANEOUSLY AT THE SAME TIME AND HAVE A COMBINATION ACCOUNT. NOW ON THE 19:44:38 DREAM AHEAD SIDE, IT IS VERY INVESTMENT 19:44:42 FOCUSED. SO YOU'RE LOOKING AT A VARIETY OF PORTFOLIOS, 19:44:45 HOW YOU WANT THE MONEY INVESTED, AGAIN, RATE 19:44:48 OF RETURNS WILL FLUCTUATE. NOW, ON THE 19:44:52 WEBSITES, THE MAIN WEBSITE BRANCHES OFF TO GET OR 19:44:55 DREAM AHEAD, YOU CAN GET TO THE 19:44:58 PORTFOLIO OPTIONS FOR DREAM AHEAD AND THE 19:45:02 CUSTOM MONTHLY PLAN AND THE UNIT 19:45:07 PRICE ON THE GET SIDE. I DO WANT TO SAY TOO BECAUSE OF 19:45:10 TIME, THERE'S A LOT MORE INFORMATION. NORMALLY WHEN I GIVE THIS PRESENTATION, 19:45:13 IT'S AN HOUR LONG OF JUST 19:45:16 THIS. SO I DO DO THIS. YOU CAN GO TO OUR WEBSITE 19:45:20 AND CHECK OUT OUR KNOWLEDGE CAFE, AND YOU CAN JOIN IN ANY ONE OF 19:45:23 MY WEBINARS LATER ON, AND WE CAN GO THROUGH A LOT MORE OF 19:45:26 THIS. CAN YOU TAKE US 19:45:31 TO THE NEXT SLIDE? 19:45:33 AND OH, OKAY. ONCE YOU'RE READY TO TAKE THE MONEY 19:45:37 OUT OF THE ACCOUNT, IT'S ACTUALLY AS 19:45:40 SIMPLE AS BILL PAY IS. JUST LIKE WHAT WE DO RIGHT KNEW TO PAY OUR REGULAR 19:45:43 BILLS. YOU LOG INTO YOUR GET OR DREAM AHEAD 19:45:46 ACCOUNT, AND YOU REQUEST A DISTRIBUTION. YOU MIGHT TELL THE 19:45:50 PROGRAM TO PAY THE SCHOOL DIRECTLY, OR 19:45:53 YOU MIGHT HAVE PAID ANY EXPENSE OUT OF POCKET, 19:45:56 TUITION, FEES, ROOM AND BOARD, BOOKS AND 19:45:59 SUPPLIES, ANY QUALIFIED EDUCATIONAL EXPENSE YOU PAID OUT OF 19:46:02 POCKET, YOU CAN REQUEST TO BE REIMBURSED FOR THAT OR 19:46:05 EVEN TELL THE PROGRAM TO REIMBURSE THE BENEFICIARY. 19:46:09 YOU DON'T HAVE TO DO 19:46:12 ONE OR THE OTHER OF THOSE CHOICES, YOU CAN DO ALL THREE. 19:46:15 I ACTUALLY DID WHEN MY SON WAS IN COLLEGE HIS FIRST YEAR, I DID 19:46:19 REIMBURSEMENT TO MYSELF AFTER HE BOUGHT HIS BOOKS AND REQUIRED 19:46:22 SUPPLIES. AND THEN I TOLD THE PROGRAM TO PAY THE SCHOOL DIRECTLY FOR 19:46:25 HIS TUITION AND FEES. SO YOU CAN 19:46:28 USE IT. YOU CAN PAUSE USING IT. YOU REALLY HAVE TO 19:46:32 TREAT IT LIKE YOU WOULD ANY OTHER BILL THAT YOU'RE 19:46:35 PAYING FOR YOUR CHILDREN'S EXPENSES, AND THE SOURCE 19:46:38 IS LIKE YOUR ACCOUNT AND HOW YOU ARE GOING TO PULL IT OUT AND PAY FOR THOSE 19:46:46 EXPENSES. NEXT SLIDE. 19:46:49 MOST OF THE TIME PEOPLE HAVE ASKED WHAT 19:46:52 IF MY KIDS GET A SCHOLARSHIP? WHAT DO I DO WITH THE 19:46:56 MONEY? I WILL TELL YOU RIGHT NOW THE 19:46:59 SCHOLARSHIP IS A WIN. THAT'S EXCITING AND ENCOURAGING THAT YOUR KIDS WILL 19:47:02 APPLY FOR THEM AND GET THEM. USE YOUR ACCOUNT FOR OTHER EXPENSES. 19:47:06 AGAIN, ROOM AND BOARD, BOOKS AND SUPPLIES, HOLD ON TO 19:47:09 IT. MAYBE THE STUDENT WILL NEED IT LATER. GIVE IT TO ANOTHER 19:47:13 FAMILY MEMBER. TRANSFER IT, RIGHT? BUT YOU CAN ALSO REFUND IT. 19:47:16 WE WILL TALK ABOUT THAT IN A MOMENT. THE OTHER ONE THAT 19:47:20 COMES UP IS IF YOUR KID SAYS WELL I'M NOT GOING TO GO TO COLLEGE. I 19:47:23 THINK THIS IS THE PERFECT PLACE TO TALK ABOUT, YOU KNOW, COLLEGE 19:47:26 IS NOT JUST A FOUR-YEAR PUBLIC OR PRIVATE 19:47:30 INSTITUTION. IT'S NOT THAT BUILDING THAT THEY 19:47:33 GO TO. OF COURSE COVID-19 HAS TOLD US A LOT ABOUT WHAT A BUILDING IS 19:47:37 AND WHAT A COMMUNITY IS AND, YOU KNOW, HOW WE DO BUSINESS 19:47:40 ANYMORE; RIGHT? SO WHEN YOUR KIDS ARE 19:47:43 GRADUATING FROM HIGH SCHOOL AND ACTUALLY EVEN BEFORE THAT, WHEN THEY ARE STARTING TO TALK 19:47:46 ABOUT WHAT THEY'RE INTERESTED IN DOING, THAT'S WHEN YOU'RE GOING TO 19:47:49 START EXPLORING WHERE IT IS 19:47:53 THAT THEY WANT TO GO, SO 19:47:57 IMMEDIATELY THEY MAY NOT WANT TO HAVE A PURSUIT OF 19:48:00 A FOUR YEAR PRIVATE OR PUBLIC INSTITUTION, BUT THEY HAVE AN INTEREST IN 19:48:04 THE TRADES OR CERTIFICATE PROGRAM OR STARTING OUT AT A COMMUNITY COLLEGE AND 19:48:07 TRANSITIONING LATER. THINK ABOUT THAT PART FIRST, YOU KNOW, WHAT DO THEY WANT 19:48:10 TO DO? WHAT IS THEIR 19:48:13 INTEREST? BUT ALSO REMEMBER YOU CAN WAIT. YOU'RE NOT A HURRY. 19:48:16 YOU DON'T HAVE TO TAKE THAT MONEY OUT JUST BECAUSE THEY HAVE GRADUATED FROM 19:48:19 HIGH SCHOOL. TRANSFER IT TO ANOTHER FAMILY MEMBER 19:48:23 OR HOLD ON TO IT, AND LASTLY, WHAT I WILL SAY HERE 19:48:26 IS ABOUT REFUNDING BECAUSE IT'S IMPORTANT TO KNOW THAT WHERE 19:48:29 YOU'VE PUT IT, YOU CAN ALSO 19:48:33 GET IT BACK. IF YOU EVER REFUND MONEY FROM A 529 19:48:36 PLAN, REMEMBER I TALKED ABOUT REALLY EARLY HOW THE EARNINGS 19:48:39 PORTIONS IS GROWING TAX-FREE? SO IF YOU REFUND 19:48:43 IT, THE EARNINGS PORTION NOW BECOMES TAXABLE. 19:48:46 SO THE IRS WOULD ALSO ASSESS A 10% 19:48:49 PENALTY FEE ON THE EARNINGS PORTION. 19:48:52 NOW THE PROGRAM DOESN'T PROCESS YOUR -- THE 19:48:55 IRS'S TAXES AND PENALTY PIECE. IN FACT, YOU WILL GET A TAX 19:48:58 FORM, IF YOU REFUNDED IT, IT WOULD COME OUT AS 19:49:02 YOU'RE DOING YOUR TAX RETURN, BUT YOU'D ALSO WANT TO MAKE SURE THAT 19:49:05 YOU'RE TAKING A LOOK AT THE PLAN THAT 19:49:08 YOU'VE CHOSEN, THEIR CANCELLATION AND REFUND POLICY 19:49:11 BECAUSE THE PLAN MAY ALSO ASSESS ADDITIONAL PENALTIES 19:49:14 AND FEES ON YOUR EARNINGS 19:49:17 -- OR ON THE ACCOUNT THAT YOU HAVE. 19:49:20 WHAT'S IMPORTANT TO NOTE, THOUGH, REMEMBER YOU HAVE BEEN CONTRIBUTING 19:49:24 MONEY AND THEN THERE'S BEEN EARNINGS; RIGHT? WHEN YOU 19:49:27 REFUND IT, YOU ARE GETTING BACK YOUR MONEY. THE IRS 19:49:30 ASSESSMENT FOR TAXES AND PENALTIES IS ON THE EARNINGS, 19:49:33 AND SO THERE WOULD BE ALSO THE PROGRAM MAY ASSESS SOME ADDITIONAL PENALTIES 19:49:36 AND FEES, BUT YOU WOULD GET BACK WHAT YOU'VE 19:49:40 PUT INTO THE ACCOUNT. NOW, REAL QUICKLY, IF 19:49:43 YOU MOVE AGAIN I MENTIONED THAT YOU CAN STILL PUT MONEY IN 19:49:46 AND TAKE IT OUT NO MATTER WHERE YOU OR THE 19:49:49 BENEFICIARY IS LIVING OR THEY'RE GOING TO SCHOOL. 19:49:52 OKAY? AND IF YOUR FAMILY CIRCUMSTANCES EVER 19:49:56 CHANGE, YOU KNOW, CALL IN, TALK TO THE PLAN THAT YOU HAVE, 19:49:59 TALK TO THE REPRESENTATIVE, AND THEY CAN LOOK AT 19:50:02 ACCOUNTS SPECIFICALLY AND HELP YOU WITH SOME DIFFERENT OPTIONS 19:50:05 IF YOU'RE THINKING ABOUT 19:50:08 CHANGING YOUR PLAN, IN REGARDS TO DREAM AHEAD, IF YOU ARE 19:50:11 LOOKING AT NEEDING TO EXPLORE OTHER 19:50:15 INVESTMENT OPTIONS AND PORTFOLIOS, THEY CAN 19:50:18 HELP YOU THROUGH THAT AND EVEN GIVE YOU SOME ESTIMATES ON A REFUND 19:50:21 IF YOU ARE THINKING ABOUT NEEDING TO FIND THAT INFORMATION OUT. CAN 19:50:24 WE GO 19:50:28 TO THE NEXT SLIDE? WE'RE WINDING DOWN. PLEASE DON'T HESITATE 19:50:31 IF YOU HAVE MORE 19:50:35 QUESTIONS, ANYTHING HERE? >> JACKIE, WE ACTUALLY HAVE 19:50:38 QUITE A FEW QUESTIONS, SO IF YOU COULD ACTUALLY -- >> LET'S 19:50:41 JUST TAKE THE QUESTIONS BECAUSE I BET IT WILL COVER ALL 19:50:44 THIS. >> OKAY. >> YEP. 19:50:47 >> OKAY, JACKIE. AS MARION MENTIONED, WE HAVE QUITE A FEW. 19:50:51 >> OKAY. >> I WILL DO MY BEST TO GO THROUGH 19:50:55 AS MANY AS WE CAN. A LOT OF QUESTIONS ARE COMING 19:50:58 IN ABOUT CONTRIBUTIONS. SO FOR EXAMPLE, DREW ASKS WHAT IS A 19:51:01 REALISTIC GOAL TO SAVE FOR AND HOW CAN WE PLAN TO 19:51:04 ACHIEVE THAT GOAL? >> WELL, ALWAYS I 19:51:08 REMIND PEOPLE THAT THE MOST REALISTIC GOAL IS TO START 19:51:11 WITH WHAT YOU CAN AFFORD TO DO RIGHT NOW. YOU KNOW, I 19:51:14 LOVE THE ANALOGY OF A PENCIL, LIKE MAKING 19:51:17 YOUR PLAN AND USING A PENCIL TO MAKE THAT PLAN 19:51:20 BECAUSE THE PENCIL HAS AN ERASER, AND YOU CAN ALWAYS CHANGE THE PLAN. 19:51:24 SO IT'S ALWAYS A GOOD IDEA TO 19:51:27 START EXACTLY WHERE YOU ARE AT. KNOW WHAT YOU CAN 19:51:31 AFFORD. ONE OF MY SONS IS REALLY YOUNG STILL. HE'S IN HIS MID 19:51:34 20s, HAS TWO CHILDREN, AND THAT'S EXACTLY THE SAME THING 19:51:37 I SAID TO HIM IS YOU KNOW, DON'T THINK SO FAR 19:51:40 OUT HERE. THINK ABOUT WHAT YOU CAN DO 19:51:43 TODAY, BUT HAVE THE PLAN TO INCORPORATE MORE. 19:51:46 AND THE MORE YOU START TO DO THAT, AND START 19:51:49 TO SEE AN ACCOUNT BUILD, THE 19:51:52 MORE PEOPLE THEN REALIZE LIKE IN THEIR OWN 19:51:55 CIRCUMSTANCES OR THEIR OWN BUDGETING PLANS AND HOW THEY'RE ASSESSING 19:51:58 THAT, THEY START TO SEE THAT THEY'VE GOT SOME DISPOSABLE INCOME THAT 19:52:02 THEY WANT TO BE PUTTING INTO A COLLEGE SAVINGS PLAN. 19:52:05 SO WE ALSO HAVE TOOLS ON OUR WEBSITE. THERE'S A 19:52:09 CALCULATOR THAT HELPS PEOPLE, YOU KNOW, MAKE SOME PLAN 19:52:12 AND DECISION ABOUT HOW MUCH TO SAVE BASED ON THE GOALS THAT 19:52:15 THEY HAVE. KEEPING IN MIND, YOU KNOW, 19:52:18 YOU MIGHT HAVE ONE CHILD NOW, AND THEN MORE WILL BE 19:52:21 COMING, SO YOU WANT TO BUILD IN SOME WAY OF HAVING THAT KIND OF 19:52:25 EXPECTATION. HOW WILL YOU STILL BE ABLE TO DO THAT? 19:52:28 BUT ALWAYS STARTING RIGHT WHERE YOU'RE AT IS THE 19:52:33 BEST THING TO DO. >> THANK YOU, JACKIE. WE ALSO 19:52:36 RECEIVED A LOT OF QUESTIONS PERTAINING TO 19:52:39 GEOGRAPHY, SO AS AN 19:52:42 EXAMPLE, ARIEL ASKED IF WE'RE PLANNING TO MOVE OUT OF STATE 19:52:45 QUITE SOON, WHAT ARE THE IMPLICATIONS OF STARTING A COLLEGE 19:52:48 SAVINGS PLAN HERE IN WASHINGTON IF MOST OF THE 19:52:52 CONTRIBUTIONS WILL THEN BE COMING WHILE LIVING 19:52:56 IN A DIFFERENT STATE? >> THE ONLY THING THEY WOULD NEED TO 19:52:59 KEEP IN MIND IS SPECIFICALLY REGARDING THE GET PROGRAM AND 19:53:03 REALLY IT'S JUST ABOUT REMEMBERING THAT THE VALUE OF THE GET 19:53:06 ACCOUNT 19:53:09 WILL KEEP UP WITH UW 19:53:13 AND WSU'S TUITION GROWTH NOT IN OTHER STATES. WITH THIS 19:53:16 PARTICULAR PERSON, THE ENCOURAGEMENT WOULD BE, YOU 19:53:19 KNOW, HAVING A GET ACCOUNT IS STILL A GOOD THING, RIGHT, IF EVEN THEY ARE PLANNING 19:53:22 ON MOVING, SO THEY CAN STILL CONTRIBUTE TO IT, THEY CAN STILL WITHDRAW 19:53:25 FROM IT NO MATTER WHERE THEY ARE LIVING, BUT I THINK THAT ONE 19:53:28 OF THE BEST THINGS THAT THEY COULD BE DOING IS THINKING 19:53:31 ABOUT POTENTIALLY IF IT'S MORE LONG-TERM THAT THEY ARE GOING TO LIVE SOMEWHERE 19:53:35 ELSE, THERE'S A RESOURCE THAT'S 19:53:38 PART OF THE -- IN THE SLIDE DECK THAT THEY WILL 19:53:41 SEE IT IS CALLED THE COLLEGE SAVINGS PLAN NETWORK. IT IS AN INDEPENDENT 19:53:44 SOURCE OF ALL 529 PLANS NATIONWIDE. AND 19:53:47 YOU CAN TAKE A LOOK AT WHAT THE OTHER STATES HAVE RIGHT NOW, SO 19:53:51 IT'S A GOOD RESEARCH POINT FOR YOU TO THINK ABOUT LIKE 19:53:54 WHAT PLAN IS AVAILABLE IN THE STATE THAT I'M MOVING TO 19:53:57 AND HOW DOES THAT COMPARE WITH THE WASHINGTON 19:54:00 PLANS, AND THEN YOU CAN SEE IF YOU'RE COMFORTABLE WITH THE WASHINGTON PLANS YOU GO GREAT, 19:54:03 I WILL DO THAT EVEN THOUGH WE'RE MOVING. AND AGAIN, PEOPLE CAN 19:54:07 HAVE MULTIPLE PLANS. YOU CAN HAVE 19:54:10 ONE FROM EVERY STATE IF YOU 19:54:13 WANTED TO. WE HAVE EVEN SEEN WHERE ONE GRANDPARENT HAS A 19:54:16 529 PLAN FROM ANOTHER STATE. ANOTHER 19:54:19 GRANDPARENT -- I SHOULD JUST TELL YOU IT WAS MY 19:54:23 OWN EXPERIENCE. WHEN MY FIRST GRANDCHILD WAS BORN, THE OTHER 19:54:26 GRANDPARENTS HAD 529 PLANS FROM ANOTHER STATE, THE COLLEGE SAVINGS 19:54:29 PLAN, NOT THE PREPAID TYPE, FROM ANOTHER 19:54:32 STATE BECAUSE WE DIDN'T HAVE DREAM AHEAD AT THE TIME, AND 19:54:35 THEY HAD OTHER GRANDCHILDREN. SO THEY HAVE 19:54:38 THAT FOR MY GRANDSON. HE WAS MY FIRST. I 19:54:42 OPENED UP A GET ACCOUNT FOR HIM. THE SAME BENEFICIARY CAN BE NAMED 19:54:45 AS A BENEFICIARY ON MULTIPLE 529 PLANS. SO THEY DON'T 19:54:48 HAVE TO FEEL LIKE THEY HAVE TO STAY HERE. 19:54:51 OR USE WASHINGTON'S OR NOT USE WASHINGTON'S. 19:54:54 IT IS GOING TO BE A GOOD WIN 19:54:57 NO MATTER WHAT. >> THERE'S QUITE A FEW MORE. 19:55:00 >> OKAY. >> AS YOU CAN IMAGINE. 19:55:03 >> I CAN. >> SO ANNA IS WONDERING WHAT ARE THE MINIMUMS 19:55:07 TO CONTRIBUTING? >> OKAY. SO WITH DREAM 19:55:11 AHEAD, THE MINIMUM CONTRIBUTION IS $25 19:55:15 WHEN THEY MAKE THEIR FIRST CONTRIBUTION INTO DREAM 19:55:18 AHEAD. AND THEN ANY ONGOING 19:55:21 CONTRIBUTIONS, IT HAS TO BE AT LEAST $5 PER 19:55:24 PORTFOLIO. SO LET'S SAY THEY PICKED FIVE -- 19:55:27 FOUR DIFFERENT PORTFOLIOS, IF THEY WERE DOING $5 19:55:31 IN EACH ONE OF THEM, IT WOULD BE A TOTAL OF 19:55:35 $20; RIGHT? SO 25 THE FIRST CONTRIBUTION, AND THEN AT 19:55:39 MINIMUM $5 FOR ONGOING ONES. NOW, ON THE GET 19:55:42 SIDE OF THE HOUSE, WITH A LUMP SUM 19:55:45 PLAN, YOU HAVE TO 19:55:48 PURCHASE AT LEAST ONE UNIT IN THE FIRST 90 19:55:52 DAYS. THERE'S A UNIT PRICE EVERY YEAR. THIS YEAR IT IS 19:55:55 133 A UNIT. AND I HOPE I GOT THAT 19:55:58 RIGHT BECAUSE I SAY IT SO RARELY. 133 19:56:01 A UNIT, AND SO THEY HAVE TO GET AT LEAST 19:56:04 133 DEPOSITED INTO A 19:56:07 GET ACCOUNT WITHIN THE FIRST THREE MONTHS. THIS IS A GREAT 19:56:10 TIME TO BE TELLING GRANDMA AND GRANDPA 19:56:14 HELP US GET THAT ACCOUNT OPENED UP. I'VE 19:56:17 DONE THIS WITH MY GREAT NIECES AND NEPHEWS IS 19:56:20 GIVING THEM THE SEED MONEY TO GET THE FIRST UNIT PURCHASED IN THEIR FIRST 90 19:56:24 DAYS. IT IS A REALLY GREAT WAY TO DO 19:56:27 THAT. AND THEN OF COURSE ONGOING IS WHAT THEY CAN AFFORD AND 19:56:32 WHAT THEY CAN WORK WITH. >> JACKIE, YOU JUST BROUGHT 19:56:36 UP A FAMILY AND CORA HAD THE QUESTION WHICH TIES INTO THIS QUITE 19:56:39 WELL, DO YOU HAVE SUGGESTIONS ON HOW WE CAN TACTFULLY 19:56:42 REQUEST THAT FRIENDS AND 19:56:45 FAMILY CONTRIBUTE TO A COLLEGE SAVINGS PLAN VERSUS GIVING 19:56:49 TOYS OR OTHER KINDS OF GIFTS? >> YES, ACTUALLY ON OUR 19:56:52 WEBSITE, WE HAVE A LINK THAT SAYS GIFTING AND A 19:56:55 LOT OF RESOURCES AND TOOLS THERE, EVEN HOW TO TACTFULLY 19:56:59 ASK. [LAUGHTER] BUT I WILL TELL YOU TOO -- I'M A 19:57:02 GRANDPARENT NOW, AND I WILL TELL YOU FROM A GRANDPARENT 19:57:06 PERSPECTIVE, I WANTED MY KIDS TO TELL 19:57:09 ME, YOU KNOW, LIKE WHAT WAS IMPORTANT TO THEM. I WANTED 19:57:12 TO SUPPORT WHAT WORKS FOR THEM, AND I 19:57:15 ALSO WANTED TO BE ABLE -- 19:57:18 I HAVE MY OWN VOICE IN THIS TOO AND I WANTED TO TELL THEM THIS IS 19:57:23 WHAT I WILL DO. WHAT WE HEAR 19:57:27 BACK FROM PEOPLE IS THAT IT ACTUALLY ISN'T VERY DIFFICULT TO TELL THEIR 19:57:30 FAMILY ABOUT THE GIFTING OF THAT BECAUSE THEY ARE 19:57:33 TELLING THEM WE WANT LESS STUFF FOR THEM. THANK YOU FOR THINKING 19:57:36 OF OUR CHILDREN. WE LOVE THAT YOU LOVE THEM SO MUCH TO 19:57:39 GIVE THEM SOMETHING, BUT THIS IS WHAT'S IMPORTANT TO US, AND 19:57:42 SO A LITTLE BIT HERE AND A LITTLE LESS 19:57:45 OF THE TOYS WILL REALLY HELP THAT 19:57:48 GROW. A GIFT OF EDUCATION WILL NEVER GO TO WASTE, 19:57:51 AND IT WILL ALWAYS BE VALUABLE. AND THAT'S PROBABLY THE BEST 19:57:57 WAY YOU CAN SAY IT. WE'VE GOT 19:57:59 RESOURCES. [LAUGHTER] >> OKAY. 19:58:03 I'M GOING TO TRY TO SQUEEZE TWO MORE. >> 19:58:06 OKAY. >> WHAT IS THE ADVANTAGE OF USING A 19:58:10 529 OVER SOMETHING LIKE A ROTH IRA? 19:58:13 >> GOOD QUESTION. AND 19:58:16 NOW I WOULD EMPHASIZE THAT ROTH IRAs ARE INTENDED FOR RETIREMENT, 19:58:19 SO IF IT IS USED FOR EDUCATION, IT IS NOT THERE FOR RETIREMENT. 19:58:22 THAT'S AN OBVIOUS THING, BUT IT IS NOT REALLY ABOUT SHOULD I DO THE 19:58:26 ROTH OR SHOULD I DO THE 529 PLAN? IF YOU CAN FIND A WAY TO DO 19:58:29 A LITTLE BIT OF BOTH, IT'S A REALLY GOOD 19:58:32 SET-UP, RIGHT? BUT ONE OF THE OTHER 19:58:36 ADVANTAGES TO A 529 PLAN THAT IS NOT NECESSARILY AN 19:58:39 ADVANTAGE WITH THE ROTH IRA, IN THIS 19:58:42 EXAMPLE, IS THAT 529 19:58:45 PLANS, WHEN THE PARENT OWNS THAT 529 PLAN, 19:58:48 IT IS CONSIDERED A PARENTAL ASSET WHEN THEY'RE 19:58:53 FILLING OUT THE FASFA FORMS WHERE MONEY 19:58:56 IN THE ROTH IRA WILL BE CONSIDERED UNTAXED INCOME TO THE 19:58:59 STUDENT. SO IT IS A DIFFERENCE BETWEEN WHAT THE STUDENT MIGHT BE 19:59:03 ELIGIBLE FOR IN TERMS OF NEED-BASED 19:59:06 FINANCIAL AID BECAUSE ASSETS ARE TREATED DIFFERENTLY THAN INCOME, 19:59:09 AND THEY'RE MORE FAVORABLE, SO WE ALWAYS 19:59:12 TELL PEOPLE ONE OF THE BEST 19:59:16 PLATFORMS YOU CAN HAVE FOR YOUR COLLEGE SAVINGS GOALS IS A 19:59:19 529 PLAN AND DO SOME OTHER 19:59:22 THINGS, BUT HAVE THOSE ALONGSIDE YOUR 529 19:59:25 PLAN, NOT 19:59:30 AN IF OR. I HAVE SOME RESOURCES FOR THAT TOO. OF COURSE I 19:59:33 DO; RIGHT? [LAUGHTER] >> OKAY. 19:59:36 LET'S DO ONE MORE HERE. 19:59:39 SORRY. THERE'S SO MANY HERE. 19:59:42 LET'S GO TO SOMETHING THAT'S REALLY DREAMING BIG, SO MANDY 19:59:45 IS WONDERING IF, FOR EXAMPLE, THE U.S. 19:59:48 HIGHER EDUCATION BECAME FREE OR NEAR FREE BY THE TIME THE CHILD ENTERS COLLEGE, 19:59:51 WHAT WOULD HAPPEN TO THE FUNDS WITHIN THESE PLANS? >> 19:59:54 THAT'S A GOOD QUESTION TOO, AND IT ACTUALLY 19:59:57 IS LIKE A CONVERSATION THAT PEOPLE HAVE BROUGHT UP FOR 20:00:00 YEARS. I'VE HEARD IT FOR A LONG TIME. NOW, THE FIRST 20:00:04 THING THAT WE WOULD TELL YOU IS THAT, YOU KNOW, WE CAN'T 20:00:07 PREDICT THE FUTURE. JUST LIKE 20:00:10 ANYONE ELSE AND ANY OTHER KIND OF INVESTMENT THAT SOMEBODY 20:00:13 WOULD BE MAKING, IT WOULD STILL BE -- WE WOULD STILL BE 20:00:17 LACKING THE OPPORTUNITY TO PREDICT THE 20:00:21 FUTURE, BUT IN THE EVENT THERE WAS EVER FREE 20:00:24 TUITION, THERE ARE STILL OTHER EXPENSES THAT COME ALONG WITH PAYING FOR A STUDENT'S 20:00:27 HIGHER EDUCATION. REMEMBER WE TALKED ABOUT ROOM AND BOARD, 20:00:30 BOOKS AND REQUIRED SUPPLIES, SO THERE'S GOING TO BE OPPORTUNITY 20:00:34 TO STILL SPEND THAT MONEY. REMEMBER 20:00:37 WE'RE THINKING IF OUR KIDS -- SOME OF OUR KIDS MAY PURSUE 20:00:40 MASTERS OR GRADUATE PROGRAMS AND NEED TO BE GOING ON, SO THERE'S STILL 20:00:43 GOING TO BE VALUE IN HOW YOU ARE USING THAT MONEY OR WHERE THE STUDENT IS GOING TO 20:00:47 USE IT, SO I'D START WITH THAT, AND 20:00:50 THEN I WOULD ALSO SAY, YOU KNOW, WE KNOW THE FACTS 20:00:53 OF THE PROGRAM, PARTICULARLY, YOU KNOW, WE KNOW HOW GET WORKS. 20:00:56 WE KNOW HOW DREAM AHEAD WORKS. WE UNDERSTAND THE CONCEPT OF 20:01:00 529 PLANS IN GENERAL. IF THERE WAS SOME NEW 20:01:03 THING, REALLY WONDERFUL AS IT WOULD BE, THAT TUITION 20:01:08 WOULD BE FREE, I WOULD LOVE THAT TOO; 20:01:10 RIGHT? I HAVE GRANDCHILDREN TO THINK OF THEIR FUTURE AS WELL. 20:01:13 AS THAT WOULD BE, WE WOULD TAKE DIRECTION, YOU KNOW, 20:01:16 THE STATE WOULD CERTAINLY PROVIDE SOME DIRECTION ON WHAT NEEDS 20:01:19 TO HAPPEN, AND SO WE HAVE TO WORK WITH FACTS 20:01:22 AT THAT TIME TOO. SO REMEMBER THE THIRD THING I WILL 20:01:26 POINT OUT THERE IS REMEMBER THE CANCELLATION, 20:01:29 REFUND, THAT I TALKED ABOUT. AS YOU ARE SAVING THIS MONEY, 20:01:32 REMEMBER IT IS GROWING. SO EVEN IF YOU REFUNDED 20:01:35 IT, YOU KNOW, THE IMPACT OF A 20:01:39 REFUND ISN'T AS GREAT AS DOING NOTHING AT ALL. 20:01:43 I HOPE THAT HELPED. 20:01:57 DO WE HAVE MORE -- ANY MORE QUESTIONS? >> I THINK, 20:02:00 JACKIE, WE HAVE SO MANY MORE QUESTIONS THAT WE WERE SORT OF 20:02:03 TEXTING EACH OTHER AT PEPS BEHIND THE SCENES TO FIGURE OUT HOW WE CAN 20:02:07 GET THOSE ANSWERED. >> YEAH. >> IT IS 8:02 20:02:10 NOW. WE WANT TO RESPECT PEOPLE'S TIME, SO I THINK I WAS 20:02:14 GOING TO GO AHEAD AND CLOSE US OFF FOR THE EVENING, BUT ARE YOU 20:02:17 ABLE TO STAY A LITTLE BIT LONGER IN CASE AFTER THAT, YOU KNOW, 20:02:20 LIKE ANYONE WANTS TO ASK ANY MORE QUESTIONS OF YOU, AND 20:02:24 OF COURSE, WE WILL HAVE THE RESOURCE E-MAIL AND BE ABLE TO SHARE THAT 20:02:27 TOO. >> YES, AND I WOULD ALSO SUGGEST THAT 20:02:30 WE, YOU KNOW, IF THERE'S A LOT OF PEOPLE THAT STILL HAVE 20:02:33 CONTINUING QUESTIONS, WE CAN ALWAYS 20:02:37 SET UP A SEPARATE JUST MEET UP, WHERE WE'RE JUST TALKING THE 20:02:41 ANSWERS TO QUESTIONS. WE'RE NOT 20:02:44 PRESENTING ANY MORE INFORMATION, SO TO SPEAK, WE CAN JUST BE LIVE 20:02:47 LIKE THIS. WE ACTUALLY DO THEM -- WE 20:02:50 DO THEM ALL TIME. WE CALL THEM MONDAY MEET UPS. >> 20:02:53 OKAY, WONDERFUL. MAYBE WE CAN INCLUDE THOSE. DO YOU WANT 20:02:56 TO STAY AFTER, OR DO YOU WANT US TO CLOSE UP AND KNOW THAT 20:03:00 THERE'S GOING TO BE MORE OF THESE OPTIONS? >> I AM PERFECTLY FINE TO 20:03:03 STAY. I'M 20:03:07 ALREADY HOME. [LAUGHTER] >> WONDERFUL. 20:03:10 I THINK I'M JUST GOING TO DO A QUICK SUMMARY. I'M 20:03:15 GOING TO STOP THE SHARE, AND JUST TO KIND OF WRAP US 20:03:18 UP AND MAKE SURE EVERYONE KIND OF HAS THE INFORMATION THEY NEED BEFORE 20:03:21 THEY GO. IF YOU HAVE ANY URGENT QUESTIONS THAT YOU 20:03:24 FEEL LIKE A MONDAY MEETUP IS NOT GOING TO WORK FOR YOU, YOU REALLY 20:03:27 -- YOU'RE LIKE JACKIE IS HERE RIGHT NOW, I NEED TO ASK IT, 20:03:31 THAT'S TOTALLY GREAT, PLEASE STAY WITH 20:03:34 US AFTERWARDS. SO I JUST WANTED TO KIND OF CLOSE OUT SHARING 20:03:37 THAT I'M ACTUALLY A WASHINGTON 529 20:03:42 RECIPIENT MYSELF, SO MY PARENTS WHEN WE FIRST MOVED TO SEATTLE 20:03:45 INVESTED IN GET AND USED IT TO PAY FOR MY 20:03:48 COLLEGE EDUCATION, AND I THINK JUST AS 20:03:51 IMPORTANTLY THEY MADE SURE TO TALK TO ME ABOUT WHAT THEY COULD GIVE ME AND WHAT THEY 20:03:55 COULDN'T. SO BETWEEN WORKING AND THE 20:03:58 DIFFERENT CREDITS THAT THEY WERE ABLE TO GET ME MOVING HOME, AT 20:04:01 DIFFERENT TIMES, INSTEAD OF DOING OFF CAMPUS HOUSING AND 20:04:05 THINGS LIKE THAT, I WAS ABLE TO GRADUATE WITHOUT DEBT, 20:04:09 WHICH IS AN ADVANTAGE THAT VERY VERY FEW OF 20:04:12 MY FRIENDS HAVE HAD, AND SEEING HOW DEBT HAS AFFECTED ALL OF 20:04:16 THE DIFFERENT DECISIONS THEY HAVE TO MAKE HAS MADE ME SO 20:04:20 GRATEFUL THEY MADE THIS CHOICE, AND THE OTHER THING, RIGHT, IS 20:04:23 THAT IF YOU SAVE EARLY, YOU ULTIMATELY SORT OF HAVE 20:04:26 TO SAVE LESS BECAUSE OF THE WAY INVESTING AND COMPOUNDING 20:04:29 INTEREST WORKS. SO I THINK THINGS THAT ARE 20:04:33 REALLY IMPORTANT TO REMEMBER, THE MOST IMPORTANT OF ALL 20:04:36 IS JUST TO START NOW BECAUSE THESE PLANS AREN'T JUST ABOUT 20:04:39 COLLEGE. YOUR CHILD MAY TAKE MANY PATHS, AND THE 20:04:42 SAVINGS PLAN WILL COVER ALL SORTS OF DIFFERENT ONES. 20:04:46 >> RIGHT. >> SO I THINK ALSO I JUST WANT 20:04:49 TO SAY THANK YOU TO EVERYONE FOR BEING HERE. 20:04:52 WE'RE IN KIND OF A WEIRD MOMENT TO TRY TO THINK ABOUT PLANNING FOR 20:04:56 THE FUTURE, AND I THINK, YOU KNOW, WHATEVER BIG 20:05:00 HUG YOU CAN GIVE YOURSELF AND JUST SAY LIKE WAY TO GO, 20:05:03 I SHOWED UP FOR MYSELF, AND I SHOWED UP FOR 20:05:06 MY KIDS BECAUSE YOU REALLY REALLY 20:05:09 DID, AND THERE IS THIS BEAUTIFUL BRIGHT FUTURE OUT THERE, EVEN 20:05:13 IF THIS YEAR HAS FELT LIKE BEING STUCK IN 20:05:16 THIS MUCK AND THANK YOU FOR LOOKING AHEAD FOR YOUR LITTLE ONE 20:05:19 AND SEEING THAT. IF YOU WOULD LIKE TO SUPPORT THE WORK OF 20:05:22 PEPS, THERE'S THREE OTHER WAYS YOU CAN ENGAGE WITH US 20:05:25 FURTHER. WE ARE GOING TO SHARE THE LINK, IF YOU EVER 20:05:29 WANTED TO LEAD A GROUP IN THE CHAT, I WAS ABLE TO LEAD A GROUP THAT WAS 20:05:32 PARTIALLY VIRTUAL THIS YEAR, AND IT WAS STILL A TON OF FUN. 20:05:35 SPREAD THE WORD, ALL OF OUR GROUPS ARE VIRTUAL NOW, 20:05:38 AND NOT EVERYBODY KNOWS THAT THEY'RE STILL HAPPENING, SO IT'S REALLY 20:05:41 IMPORTANT FOR FOLKS TO HAVE THEIR COMMUNITY IN THIS 20:05:44 ISOLATING MOMENT, SO MAKE SURE YOUR FRIENDS KNOW. MAKE SURE YOUR NEIGHBORS, 20:05:47 ANYONE WHO IS HAVING A BABY KNOWS, AND WE'LL ALSO SHARE A LINK, 20:05:51 IF YOU WOULD LIKE TO MAKE A DONATION TO PEPS SO MORE 20:05:54 FAMILIES CAN HAVE ACCESS TO THESE RESOURCES. IF YOU'RE 20:05:59 HEADED OUT, BEFORE WE GET THESE QUESTIONS, IF YOU WANT TO SHARE ONE THING 20:06:02 THAT YOU LEARNED OR ONE THING -- ONE STEP YOU'RE GOING TO MAKE 20:06:05 MOVING FORWARD TONIGHT, IN THE CHAT, I 20:06:08 THINK THAT COULD BE A REALLY COOL THING TO SEE WHAT EVERYONE IS 20:06:12 TAKING AWAY. YEAH. THANK YOU FOR BEING 20:06:14 HERE. START. >> THANK YOU ALL. 20:06:17 I'M STAYING ON. >> YAY, THANK YOU, JACKIE. >> THANK YOU. 20:06:27 >> I THINK PROBABLY SINCE WE'RE NOT GOING TO KNOW, YOU KNOW, WHO 20:06:31 STILL HAS QUESTIONS AND WHICH, YOU KNOW, QUESTION 20:06:34 SOMEBODY IS STILL HERE FOR, IF YOU'VE GOT A 20:06:37 QUESTION, IF YOU WOULDN'T MIND PUTTING IT BACK 20:06:40 IN THE CHAT, PATRICIA, DOES THAT MAKE SENSE 20:06:43 TO YOU? >> MAYBE WHOMEVER IS HERE 20:06:47 STILL CAN UNMUTE AND ASK THE QUESTIONS THAT 20:06:50 THEY HAVE. >> YEAH, LET'S DO THAT. >> ABSOLUTELY. 20:06:53 >> I WILL CHIME IN TOO TO COVER SOME OF THE QUESTIONS THAT DIDN'T GET 20:07:00 ANSWERED. >> YEAH. 20:07:06 >> WHILE WE'RE WAITING FOR SOMEONE TO CHIME IN, JACKIE I HAVE A FEW 20:07:09 THAT WE DIDN'T GET TO YET. >> 20:07:12 OKAY. >> 20:07:15 THERE WAS ONE QUESTION ABOUT WHAT IS THE VALUE OF AN IN STATE 20:07:19 VERSUS OUT 20:07:22 OF STATE TUITION? >> THE VALUE OF 20:07:25 THE GET ACCOUNT IS ALWAYS IN STATE 20:07:29 UNDERGRADUATE TUITION OF THE STATE MANDATED FEES OF THE UW AND 20:07:32 WSU NO MATTER WHERE IT'S BEING USED. 20:07:35 SO THE VALUE DOESN'T CHANGE IF SOMEBODY USES IT AT AN OUT 20:07:39 OF STATE SCHOOL. SO, FOR EXAMPLE, 20:07:42 IF SOMEBODY HAS -- THEY BOUGHT 100 UNITS, AND THEN THIS 20:07:45 YEAR THE 100 UNITS ARE WORTH $12,000, I'M JUST 20:07:49 PICKING A NUMBER ARBITRARILY TO WORK WITH AS AN 20:07:52 EXAMPLE, SO THERE SITS $12,000. NOW, REMEMBER 20:07:55 THIS 12,000 IN MY EXAMPLE IS 20:07:59 REFLECTING THE TUITION IN MY EXAMPLE OF 20:08:02 UW, LET'S SAY. THERE'S $12,000. 20:08:05 PATRICIA, YOUR CHILD MIGHT GO TO A COMMUNITY COLLEGE. 20:08:08 ZOE YOUR CHILD MIGHT GO TO A PRIVATE SCHOOL IN ANOTHER 20:08:12 STATE. AND THEN MAYBE JESSICA, YOUR CHILD IS GOING TO THE 20:08:15 UW. NOW, IF WE ALL HAVE $12,000 BECAUSE 20:08:19 THAT'S EXACTLY WHAT 100 UNITS IS WORTH 20:08:22 THAT DAY, AND THAT SPECIFIC PERIOD OF 20:08:25 TIME, THEN HOW WELL IT'S USED DEPENDS ON WHERE OUR STUDENTS 20:08:29 ARE GOING TO COLLEGE. RIGHT? IF THEY'RE GOING TO THAT PRIVATE 20:08:32 SCHOOL, LIKE ZOE'S CHILD HAS DECIDED TO DO, IT IS GOING TO PAY TOWARDS 20:08:35 SOME EXPENSES, BUT IT'S CERTAINLY NOT GOING 20:08:38 TO COVER EVERYTHING BECAUSE OUT OF STATE OR PRIVATE INSTITUTION 20:08:42 IS MUCH MORE THAN THE UW 20:08:46 OR WSU. IN YOUR CASE, PATRICIA IF YOUR CHILD WAS GOING TO 20:08:49 A COMMUNITY COLLEGE, THAT MONEY COULD STRETCH OVER A TWO YEAR PERIOD OF TIME 20:08:52 BECAUSE IT DOESN'T COST AS MUCH, AT A COMMUNITY OR 20:08:55 TECHNICAL SCHOOL TO COVER TUITION AND FEES, 20:08:58 RIGHT? AND THEN IN MY EXAMPLE WITH JESSICA, IF THEIR STUDENT 20:09:02 WENT EXACTLY TO THE UW, THEN THAT 12,000 20:09:05 WILL COVER EXACTLY THE TUITION AND STATE 20:09:08 MANDATED FEES, BUT THERE'S STILL ROOM AND BOARD AND BOOKS AND REQUIRED 20:09:11 SUPPLIES AND THINGS LIKE THAT, SO THERE'S ALWAYS 20:09:14 A REASON WHY OTHER RESOURCES, YOU KNOW, 20:09:17 LIKE FINANCIAL AID, SCHOLARSHIPS, THE STUDENT 20:09:20 WORKING, LIKE ZOE WAS TALKING ABOUT, SHE EVEN 20:09:23 WORKED TOO, RIGHT? GRANDMA AND GRANDPA, YOU KNOW, CONTRIBUTIONS COMING 20:09:27 IN IN OTHER WAYS. YOU KNOW, ALL THAT HELPS PAY DOWN 20:09:31 EXPENSES SO THAT THE STUDENT BORROWS LESS. SO 20:09:34 CHANCES ARE THE 529 PLAN MONEY ISN'T NECESSARILY 20:09:37 GOING TO PAY FOR EVERYTHING. YOU KNOW, IT REALLY DEPENDS 20:09:41 ON WHERE THE STUDENT GOES AND HOW LONG THEY'RE GOING 20:09:44 AND HOW MUCH A FAMILY WAS ABLE TO SAVE. I 20:09:50 HOPE THAT HELPED. >> JACKIE, THERE ARE A FEW MORE 20:09:53 QUESTIONS HERE ABOUT IF YOU COULD HIGHLIGHT SOME OF THE 20:09:57 RISKS OR DISADVANTAGES OF INVESTING IN A 20:10:00 529. >> THE OBVIOUS RISKS ARE GOING TO BE WHAT THERE ARE 20:10:03 WITH ANY KIND OF INVESTING, WHICH IS WE DON'T KNOW THE FUTURE. 20:10:06 YOU KNOW, THERE WAS A 20:10:10 PERIOD OF TIME WHERE TUITION WAS -- LIKE WHEN I STARTED WORKING THE 20:10:13 PROGRAM WAY BACK IN THE LATE 90s, 1998 20:10:16 IS WHEN I STARTED WORKING FOR THE PROGRAM, AND SO 20:10:19 IN THE EARLY 2000, LATE 90s, 20:10:26 TUITION WASN'T MUCH MORE THAN 20:10:29 MAYBE 2 1/2 OR 3, 3 1/2 PERCENT, 20:10:32 IT WAS NOMINAL 20:10:36 AND MINIMAL AND AT THAT TIME I REMEMBER PEOPLE SAYING WHY WOULD 20:10:39 I GET THE GET PROGRAM I COULD PUT MONEY IN AN INVESTMENT 20:10:42 ACCOUNT AND GET SO MUCH MORE OUT OF IT. 20:10:45 THAT WAS TRUE. THAT WASN'T AN UNTRUE STATEMENT. 20:10:48 THE MARKET FLUCTUATES. SHORTLY AFTER THAT, IN FACT, AFTER 20:10:51 9/11 HAPPENED, THE RATE OF RETURN ON INVESTMENTS WENT DOWN 20:10:55 AND TUITION SKYROCKETED, AND SO NOW THE VALUE OF 20:10:58 PEOPLE'S GET ACCOUNT WENT TREMENDOUSLY UP. IT WAS A MOMENT 20:11:01 IN TIME. IT WAS UNPREDICTABLE, RIGHT? 20:11:05 BUT THE PEOPLE WHO THEN HAD MONEY JUST SITTING IN INVESTMENT BASED 20:11:08 TYPES OF ACCOUNTS. THEY LOST MONEY. AND THEN ALL OF A SUDDEN WE 20:11:11 SAW AN INFLUX OF PEOPLE OPENING UP GET ACCOUNTS 20:11:14 ACTUALLY AFTER THAT BECAUSE 20:11:17 WHAT THEY SAW THERE WAS THERE'S THIS 20:11:21 PEACE OF MIND THING, THERE'S STABILITY HERE. WE ALWAYS WANT TO MAKE SURE 20:11:24 THAT PEOPLE UNDERSTAND THE INTENT, THE GUARANTEE IS NOT INTENDED FOR PEOPLE 20:11:27 TO THINK THAT IT'S ALWAYS GOING TO GROW 20:11:30 EXPONENTIALLY. THERE ARE TIMES WHEN TUITION HAS DONE THAT. 20:11:33 BUT IT REALLY IS ABOUT BEING SURE THAT THAT 20:11:36 MONEY IS THERE WHEN YOU NEED IT. 20:11:40 YOU KNOW, IF YOU BUY A YEAR'S WORTH OF TUITION, YOU ARE GOING TO GET A YEAR'S 20:11:43 WORTH OF TUITION. IT IS 20:11:47 NOT INTENDED TO BE -- YOU KNOW, BUT IT CAN HAPPEN, YOU KNOW. 20:11:51 SO RISKS WOULD BE, YOU KNOW, THERE'S ALWAYS RISKS WITH 20:11:54 INVESTMENT. WE'RE NOT TAX ADVISORS OR FINANCIAL 20:11:57 ADVISORS, SO WE DON'T GIVE ADVICE ON THAT, WHICH IS WHY WE ALSO 20:12:00 TELL PEOPLE TO ALWAYS CONFER WITH A FINANCIAL PROFESSIONAL WHO IS 20:12:04 LOOKING AT ALL OF THE THINGS THAT THEY'RE DOING. THE OTHER 20:12:07 KINDS OF RISKS ARE, YOU KNOW, LIKE YOU START 20:12:10 SAVING FOR ONE CHILD, AND I DON'T KNOW THAT THAT'S NECESSARILY RISK AS IT IS, 20:12:13 YOU KNOW, SOMETHING THAT ALL OF A SUDDEN YOU GO OH MY GOSH, DID 20:12:16 WE THINK OF THIS; RIGHT? YOU START WITH ONE CHILD, BUT 20:12:19 THEN, YOU KNOW, THERE TYPICALLY ENDS UP BEING TWO 20:12:22 OR THREE OR MAYBE EVEN MORE LATER, SO IT REALLY IS TRYING TO FIGURE 20:12:26 OUT HOW DO YOU STILL SAVE FOR THEM, HOW 20:12:29 DO YOU BUILD IN THAT CULTURE OF DOING THAT WITHOUT 20:12:32 PUTTING YOURSELF IN A SITUATION WHERE YOU'RE NOT 20:12:35 ACTUALLY LIVING IN YOUR HERE AND YOUR NOW BECAUSE YOU'VE GOT TO DO WHAT 20:12:39 YOU'VE GOT TO DO TODAY. WE ALL KNOW BECAUSE OF WHAT 2020 20:12:42 HAS DONE TO US. YOU HAVE GOT TO DO WHAT YOU'VE GOT TO DO TODAY, 20:12:46 BUT WE ALSO HAVE TO SAVE FOR OUR RETIREMENT. WE HAVE TO 20:12:49 SAVE FOR MEDICAL. YOU KNOW WE HAVE TO THINK ABOUT SO MANY DIFFERENT 20:12:52 THINGS. I THINK ONE OF THE BEST ENCOURAGEMENTS I HAVE EVER BEEN 20:12:55 ABLE TO GIVE PEOPLE BECAUSE SOMEBODY GAVE IT TO ME 20:12:59 TOO IS STAY WITH WHAT YOU CAN DO AND BUILD 20:13:02 FROM IT. YOU KNOW AND JUST KNOW THAT IT DOESN'T HAVE TO BE 20:13:05 A PERFECT PLAN. IT JUST 20:13:08 HAS TO BE A PLAN. I HOPE THAT HELPED. 20:13:15 >> I JUST GOT A QUESTION IN FROM GINA. 20:13:18 SHE'S WONDERING COULD OUR FAMILY USE THE MONEY IF OUR CHILD 20:13:21 WENT TO SCHOOL ABROAD? SO AS AN EXAMPLE, GOING TO THE U.K. 20:13:24 OR OFF TO CANADA. >> YES, THERE ARE A 20:13:27 LOT OF SCHOOLS IN FOREIGN 20:13:31 COUNTRIES THAT HAVE U.S. FEDERAL ID CODES WHICH MEANS THEY 20:13:34 PARTICIPATE IN THE FINANCIAL AID PROGRAMS, RIGHT? THEY'RE 20:13:38 ADMINISTERING FINANCE -- U.S. STATE FINANCIAL AID OR U.S. FINANCIAL 20:13:41 AID, NOT STATE, FINANCIAL AID, SO 20:13:44 ONE OF THE RESOURCES WE NEVER DID GET TO THAT SLIDE, BUT WE WILL 20:13:47 MAKE SURE THAT PEOPLE GET TO 20:13:53 IT, THE FASFA WEBSITE 20:13:56 HAS WHAT'S CALLED FIND A SCHOOL SEARCH LINK ON 20:13:59 IT. SO PEOPLE WOULD PLUG IN -- THERE'S DIFFERENT THINGS YOU HAVE TO 20:14:02 ANSWER LIKE ARE YOU LOOKING FOR A PARTICULAR STATE OR ARE YOU 20:14:05 LOOKING IN A FOREIGN COUNTRY, AND THEN YOU ANSWER A COUPLE 20:14:09 QUESTIONS AND YOU CLICK SUBMIT AND THE REPORT WILL TELL YOU THE U.S. FEDERAL 20:14:12 ID CODE FOR ALL THE SCHOOLS IN THAT 20:14:15 GEOGRAPHICAL AREA THAT THEY ASKED FOR, INCLUDING 20:14:21 FOREIGN COUNTRIES. SPECIFICALLY WITH GET I KNOW 20:14:24 THERE ARE STUDENTS THAT HAVE GET ACCOUNTS THAT ARE USING MONEY IN 20:14:27 15 FOREIGN COUNTRIES RIGHT 20:14:30 NOW. THE MONEY GOES OVER AS U.S. DOLLARS, BUT, YOU 20:14:33 KNOW, SO THE POINT IS, THOUGH, THAT YOU CAN USE IT 20:14:38 WHEREVER THAT SCHOOL IS. IN THE 20:14:41 22 YEARS THAT I HAVE BEEN WORKING WITH THE PROGRAM, 20:14:44 I COULD PROBABLY COUNT ON ONE HAND THE NUMBER OF 20:14:47 STUDENTS WHO ACTUALLY 20:14:51 USE THEIR MONEY AT A 20:14:57 NONELIGIBLE INSTITUTION. >> GINA SAYS THANK YOU, THAT WAS REALLY 20:15:00 HELPFUL. >> GOOD. >> WE HAVE A FEW MORE HERE. 20:15:05 >> OKAY. >> LET'S SEE. NICOLE IS WONDERING YOU HAD 20:15:08 MENTIONED UW, SO LET'S SAY IF THE 20:15:11 UW SCHOOL DRASTICALLY LOWERED THEIR TUITION, COULD THE GET ACCOUNT BALANCE 20:15:15 ACTUALLY BE WORTH LESS? LET'S TALK ABOUT ON A DOLLAR BASIS THAN THE 20:15:19 TOTAL CONTRIBUTIONS? >> SO THE 20:15:22 ANSWER TO THAT IN SHORT IS YES, BUT 20:15:25 LET'S BACK UP AND TALK ABOUT LIKE 20:15:28 CONTEXT FIRST. THE VALUE OF THE GET ACCOUNT WILL 20:15:31 KEEP PACE WITH UW AND WSU, BUT 20:15:35 WHICHEVER IS THE HIGHEST AT ANY GIVEN ACADEMIC 20:15:38 YEAR. SO SOMETIMES IT'S BEEN UW, AND SOMETIMES 20:15:42 IT'S BEEN WSU. THAT WILL BE THE FIRST THING. TYPICALLY 20:15:45 SPEAKING, THOUGH, IN ALL ACTUALITY, IF 20:15:48 TUITION DECREASED LIKE AT THE 20:15:51 UW, WSU WOULD BE FOLLOWING SUIT SO IT IS NOT LIKE ONE 20:15:54 WILL BE UP HERE AND THE OTHER WILL BE DOWN THERE. THE SECOND 20:15:57 PART OF THAT IS THAT IT ACTUALLY DID HAPPEN. 20:16:00 PRIOR TO 2015, TUITION HAD BEEN 20:16:03 SKYROCKETING HERE. IT WAS HAPPENING ALL OVER THE COUNTRY, BUT I'M STICKING 20:16:07 WITH WHAT I KNOW ABOUT WASHINGTON STATE. TUITION WAS 20:16:10 SKYROCKETS -- 20:16:12 SKYROCKETING. THERE WAS ACTUALLY A PERIOD OF TIME 20:16:15 THAT AN ENTERING FRESHMAN BY THE TIME THEY WERE GRADUATING FROM HIGH SCHOOL, TUITION HAD 20:16:18 INCREASED ALMOST 80% IN THAT FOUR-YEAR 20:16:21 PERIOD OF TIME THAT THEY WERE IN COLLEGE, THAT THEY STARTED AND THEN 20:16:25 EXITED COLLEGE. SO THE TUITION WAS JUMPING 20:16:28 HUGE AMOUNTS, DOUBLE DIGIT AMOUNTS, IN 20:16:31 A SHORT PERIOD OF TIME, AND THEN THE LEGISLATURE LAID IT 20:16:34 FLAT. THERE WERE NO TUITION INCREASES FOR A 20:16:39 COUPLE OF YEARS. AND THEN IN 2015, THEY REDUCED 20:16:43 TUITION FOR TWO YEAR PERIOD OF TIME. NOW BY STATUTE, AND THE 20:16:46 STATUTE IS THE LAW THAT GOVERNS THE PROGRAM, SO WHAT'S WRITTEN 20:16:49 IN STATUTE IS THAT THE GET ACCOUNTS KEEP UP WITH 20:16:53 TUITION GROWTH. SO IF TUITION ACTUALLY WENT BACKWARDS, 20:16:56 THEN THE VALUE OF THE ACCOUNT WENT BACKWARDS. BUT WHAT 20:17:00 WE WERE ABLE TO DO, WE CLOSED TO NEW 20:17:04 ENROLLMENTS FOR THAT TWO YEAR PERIOD OF TIME AND WE DID SOME PRICING 20:17:09 ADJUSTMENTS. ONE OF THE OTHER PARTS OF THIS WHOLE STORY IS 20:17:12 THAT THE GET ACCOUNT IS ALSO INCLUDES WHAT'S 20:17:15 CALLED A RESERVE, SO TIMES WHEN TUITION MAY 20:17:18 BE HIGHER THAN EXPECTED OR RATE OF RETURNS WERE 20:17:22 LOWER THAN EXPECTED, THIS RESERVE SUPPORTS 20:17:25 THE BALANCE OF THE ACCOUNT, BECAUSE THE 20:17:28 ACCOUNT IS REQUIRED TO BE SOLVENT AND THAT 20:17:31 THE STATE IS ON THE HOOK, IT'S THEIR RESPONSIBILITY 20:17:34 TO MAKE SURE THAT WHAT THEY'RE GUARANTEEING IS GOING TO BE THERE. 20:17:37 IF THERE'S NOT ENOUGH MONEY IN THE ACCOUNT, THEN THE STATE IS 20:17:41 BY LAW REQUIRED TO PUT THE MONEY IN. THAT'S WHAT THE 20:17:44 GUARANTEE IS ALL ABOUT. AND SO THE 20:17:47 UNIT PRICE IS ALWAYS HAVING 20:17:51 TO BE CAREFULLY LIKE BALANCED TO 20:17:55 ENSURE THAT THE GUARANTEE HOLDS ITS PLACE. THAT RESERVE AMOUNT 20:17:58 IS GOING TO BE THERE TO COVER EXPENSES OUT INTO THE FUTURE. THIS IS 20:18:01 WHY THE UNIT PRICE INCREASES, RIGHT? 20:18:04 SO AT THAT TIME, WHEN TUITION 20:18:07 -- TUITION WENT THAT WAY, BUT THE RATE OF RETURN ON 20:18:11 INVESTMENTS WENT THAT WAY, AND THE GET 20:18:14 ACCOUNT AND THE RESERVE WERE WELL OVER 20:18:18 100%, SO WE USED THE RESERVE TO 20:18:21 BALANCE OUT. PEOPLE WHO HAD BOUGHT UNITS AT A MUCH HIGHER PRICE 20:18:24 AND NOW WE REALIZED OH, THEY PROBABLY DIDN'T NEED TO DO 20:18:27 THAT BECAUSE NOW THE LEGISLATURE JUST REDUCED TUITION, SO 20:18:30 WE WERE ABLE TO DO SOME PRICING 20:18:33 ADJUSTMENTS. WE EXTENDED OPPORTUNITIES FOR PEOPLE TO 20:18:36 TAKE REFUNDS WITHOUT PROGRAM PENALTIES AND 20:18:39 FEES. WE GAVE PEOPLE A LOT OF INFORMATION AND 20:18:43 RESOURCES ABOUT ROLLING OVER IF THEY WERE MORE 20:18:46 COMFORTABLE WITH ANOTHER 529 PLAN AND HELPED THEM DO THAT, BUT 20:18:50 ALSO WHAT WAS HAPPENING WAS THE EMERGENCE OF 20:18:53 DREAM AHEAD AT THE SAME TIME. AND SO ONCE DREAM AHEAD CAME ON 20:18:56 BOARD, A LOT OF PEOPLE THAT HAD GET ACCOUNTS 20:18:59 AND MORE SPECIFICALLY THERE WERE PEOPLE WHOSE STUDENTS WERE 20:19:02 GETTING READY TO START COLLEGE, THEY ROLLED THEIR 20:19:06 MONEY INTO DREAM AHEAD BECAUSE 20:19:09 WE HAD -- THERE WAS A BILL THAT WAS PASSED 20:19:12 AT THAT TIME THAT GAVE PEOPLE AN OPPORTUNITY TO ROLL FROM GET TO DREAM 20:19:15 AHEAD, AND IT WAS ONLY OURS. IT WASN'T OTHER STATE 20:19:18 PROGRAMS, RIGHT? GET TO DREAM AHEAD, AND THEY HAD AN 20:19:22 INCREASE, A BUMP UP IN THE VALUE IF THEY DID IT 20:19:25 WITHIN THE WINDOW 20:19:28 OF TIME. AND THEN A LOT OF PEOPLE WHO DID THAT, THEIR KIDS WERE READY 20:19:31 TO GO TO COLLEGE RIGHT THEN. SO IT WAS A GREAT ADVANTAGE TO GET A BUMP UP 20:19:34 IN THE VALUE OF THE ACCOUNT. THOSE WHO 20:19:37 DIDN'T, LIKE ME, WE HAD -- I HAD A 20:19:40 YOUNGER -- VERY YOUNG GRANDCHILD. I WAS 20:19:44 COMFORTABLE WITH THE GUARANTEE OF THE GET ACCOUNT AND I ACTUALLY 20:19:47 HAD EXTRA UNITS ADDED TO THE ACCOUNT. 20:19:50 IT WAS NOT -- IT WASN'T SOMETHING THAT SOMEBODY GOT BILLED FOR 20:19:53 IT. IT WAS ALREADY PART OF THE FUND. IT WAS ALREADY SITTING 20:19:56 THERE; RIGHT? THE REASON I BRING THAT UP IS BECAUSE A 20:19:59 PRECEDENT WAS SET WHEN THAT HAPPENED. NOW, WE DON'T 20:20:03 KNOW WHAT A FUTURE LEGISLATIVE SESSION WILL DO, BUT WHAT WE 20:20:07 DO KNOW IS THAT THE LEGISLATIVE SESSION WHO MADE ALL THOSE DECISIONS 20:20:10 PROTECTED THE INVESTMENTS OF THE PEOPLE WE HAD, WHICH IS 20:20:14 EXACTLY WHY WE DID NOT OPEN FOR ENROLLMENTS AT THAT 20:20:17 PARTICULAR -- WE HAD A CLOSED ENROLLMENT PERIOD. WE WEREN'T BRINGING IN 20:20:20 NEW PEOPLE WHILE WE MADE THOSE ADJUSTMENTS. 20:20:23 HOPE THAT HELPS. 20:20:27 >> JACKIE, I THINK WE HAVE 20:20:30 ABOUT TWO MORE 20:20:33 HERE. ONE IS PRETTY SPECIFIC, SO IF YOU'RE NOT ABLE 20:20:36 TO ANSWER IT, THEN MAYBE YOU CAN POINT THIS PERSON TO WHERE THEY MIGHT BE ABLE TO 20:20:40 FIND THIS INFORMATION, IF IT IS AVAILABLE. SO ONE PARENT 20:20:43 IS 20:20:47 WONDERING ABOUT IF WASHINGTON 529 CAN OFFER HISTORICAL 20:20:50 ANALYSIS OR GRAPH TO SHOW THE COMPARISON BETWEEN TUITION GROWTH AS 20:20:53 A PERCENTAGE AND AS A RATE OF RETURN ON THE 20:20:58 DREAM AHEAD PLAN. >> 20:21:02 OKAY. OUR DIRECTOR -- LUKE, CAN YOU HEAR 20:21:06 ME? LUKE IS ON. I DON'T KNOW IF HE CAN ACTUALLY HEAR 20:21:09 ME SAY ALL THAT. >> YES, JACKIE, I 20:21:12 CAN HEAR YOU. >> GREAT. I'M GOING 20:21:15 TO TURN THAT OVER TO OUR DIRECTOR LUKE AND LET HIM 20:21:18 ANSWER THAT ONE. THANK YOU, LUKE. >> YEAH, OF COURSE. 20:21:21 SO THE QUESTION THERE IS WE DO HAVE GRAPHS ON OUR WEBSITE THAT SHOWS 20:21:24 TUITION GROWTH OVER TIME. DREAM AHEAD IT WOULD BE KIND OF HARD 20:21:27 TO COMPARE THAT BECAUSE DREAM AHEAD IS A NEW PLAN THAT 20:21:30 OPENED TWO YEARS AGO, BUT WE DO HAVE PERFORMANCE INFORMATION AVAILABLE 20:21:34 ON OUR WEBSITE 20:21:37 THAT SHOWS SINCE INCEPTION WHAT THE GROWTH HAS BEEN ON THE VARIOUS 20:21:41 PORTFOLIOS WITHIN DREAM AHEAD, AS WELL AS THE 20:21:44 DAILY CHANGE IN THE VALUES OF THE PORTFOLIOS AS WELL. SO 20:21:47 THAT INFORMATION IS AVAILABLE ON OUR WEBSITE. WE'RE HAPPY 20:21:50 TO PROVIDE LINKS AND I WAS 20:21:54 JUST MESSAGING MARION A LITTLE BIT AGO AND SAYING THAT 20:21:57 I DID ACTUALLY CAPTURE THESE QUESTIONS 20:22:01 THAT WERE BEING ASKED AND WA 529 IS HAPPY 20:22:04 TO TYPE UP SOME BRIEF RESPONSES TO EACH OF THE 20:22:08 QUESTIONS TO PROVIDE THAT TO PEPS TO SHARE AFTERWARDS 20:22:12 IF THAT WOULD BE USEFUL TO ATTENDEES. >> THAT WOULD BE GREAT, LUKE. 20:22:14 THANK YOU. >> YEAH. 20:22:18 >> GREAT. >> JACKIE, I HAVE ONE MORE 20:22:21 FEW FROM ERIK AND AMIE. THEY ARE 20:22:24 WONDERING WOULD IT BE BENEFICIAL TO OPEN UP A GET ACCOUNT 20:22:27 AND A 529 INVESTMENT PLAN OR CHOOSE JUST ONE TO 20:22:30 STICK WITH? >> YOU KNOW, I ALWAYS TELL PEOPLE, YOU KNOW, 20:22:33 YOU HEARD ME SAY IT THROUGHOUT, YOU KNOW, 20:22:37 DIVERSIFYING IS A REALLY GOOD WAY OF 20:22:40 TAKING ADVANTAGE OF DIFFERENT OPPORTUNITIES AND OUTCOMES, SO IF THEY HAVE THE OPPORTUNITY TO 20:22:43 DO BOTH, THAT'S GREAT. IT DOESN'T MEAN THAT THEY HAVE TO HAVE A LOT 20:22:47 MORE EXTRA MONEY. WHATEVER MONEY, BUDGET AMOUNT THEY ARE 20:22:51 WORKING WITH, THEY CAN DO -- PUT A LITTLE BIT IN TO GET AND A LITTLE 20:22:54 BIT IN TO DREAM AHEAD. THE OTHER THING WHAT WE TYPICALLY 20:22:57 IS FAMILIES WHO HAVE REALLY YOUNG CHILDREN, 20:23:00 LIKE ELEMENTARY SCHOOL AND YOUNGER, SO THIS 20:23:03 AUDIENCE SPECIFICALLY, YOUR KIDS ARE ALREADY IN THAT 20:23:06 CATEGORY, THEY START WITH A GET ACCOUNT. AND THAT'S A 20:23:10 REALLY GOOD PLACE TO BEGIN AND TO BE 20:23:13 CONTINUING TO SAVE IN THE GET PROGRAM RIGHT UP UNTIL THE 20:23:17 TIME THE STUDENT IS ABOUT AT THE END OF THEIR 8TH GRADE YEAR, NOW AT 20:23:20 THAT POINT, IT IS A REALLY GOOD SPRINGBOARD 20:23:23 TO STARTING THE DREAM AHEAD PLAN. NOW, THAT 20:23:27 DOESN'T MEAN THAT WE'RE TELLING PEOPLE CLOSE YOUR GET ACCOUNT 20:23:30 AND MOVE IT. WE MEAN JUST DON'T 20:23:33 CONTRIBUTE TO YOUR GET ACCOUNT ANYMORE. DON'T PUT NEW MONEY 20:23:36 INTO GET. LET WHAT'S IN THERE CONTINUE TO 20:23:39 SIT THERE. REMEMBER THERE'S STILL FOUR YEARS OF TUITION GROWTH. 20:23:41 YOU'RE JUST NOT PUTTING NEW MONEY IN GET. 20:23:46 NO U YOU -- NOW YOU DIVERT THAT MONEY OVER TO DREAM 20:23:49 AHEAD, AND THAT'S A WAY THAT YOU CAN TAKE TIME ON 20:23:52 THE TRANSITION. SOME PEOPLE ARE MORE COMFORTABLE WITH 20:23:55 INVESTMENT-BASED PLANS, AND THEY START THERE AND THEY STAY THERE. AND 20:23:59 THAT'S OKAY. OTHER PEOPLE ARE VERY COMFORTABLE WITH GET. 20:24:02 THEY ARE LIKE I KNOW A LOT OF PEOPLE THAT I HAVE MET OVER THE 20:24:05 YEARS WHO SAY NO, LOVE MY GET. STICKING WITH GET. LOVE MY GET. 20:24:09 THAT'S GOOD. YOU KNOW, YOUR INVESTMENTS 20:24:12 ARE ALWAYS A GOOD THING, ESPECIALLY WHEN IT FEELS COMFORTABLE TO 20:24:15 YOU, WHEN YOU UNDERSTAND IT AND YOU KNOW WHAT YOU'RE 20:24:18 DOING. SO I HOPE THAT 20:24:21 HELPS. >> AWESOME. THANK YOU, 20:24:24 JACKIE. SINCE LUKE HAS SAID THAT ANY SORT OF LINGERING QUESTIONS WE'RE 20:24:27 GOING TO GO AHEAD AND PASS ON 20:24:31 TO WA 529 TO ANSWER, AND WE'LL INCLUDE THAT IN THE 20:24:34 RESOURCES, WE'RE GOING TO CLOSE OUT FOR TONIGHT. I 20:24:37 JUST WANTED TO SAY OH MY GOSH, WHAT A BIG BIG THANK YOU 20:24:40 TO JACKIE FOR YOUR PRESENTATION AND FOR STAYING 20:24:43 AND ANSWERING ALL OF THESE QUESTIONS. 20:24:47 SUPER, SUPER HELPFUL. BEFORE WE ALL HEAD OUT, I JUST 20:24:50 WANTED TO LET YOU ALL KNOW THAT THERE IS GOING TO BE 20:24:53 ANOTHER EVENT THAT PEPS DOES WITH WA 529 IN THE 20:24:56 SPRING, SO IT'S SUPER IMPORTANT IF YOU'RE ABLE 20:24:59 TO TO FILL OUT THE SURVEY THAT WILL COME 20:25:02 IN THE RESOURCE E-MAIL THAT WE WILL SEND OUT, AND THEN 20:25:05 THAT WAY WE CAN MAKE SURE IF THERE'S ANYTHING THAT YOU'D LIKE TO SEE COVERED IN THE 20:25:09 NEXT EVENT, THAT WE MAKE THAT AS HELPFUL FOR 20:25:12 YOU, FOR OUR COMMUNITY AS POSSIBLE. SO THANK YOU 20:25:15 ALL FOR BEING HERE. >> THANK YOU FOR INVITING ME 20:25:18 TOO. IT WAS REALLY A PLEASURE TO BE HERE. IT WAS FUN. 20:25:21 THANK YOU FOR LETTING ME DO 20:25:24 THIS. >> THANKS, JACKIE. >> THANK YOU, EVERYBODY. 20:25:26 >> HAVE A GREAT NIGHT. >> BYE-BYE. 20:25:29 >> YOU TOO, BYE.